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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "presentationDate": "2025-01-15 00:00:00",
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      "text": "FTAI’s Aerospace Products EBITDA margins are inflated because hundreds of millions of cash costs are incurred by the Leasing segment rather than in Aerospace Products.",
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      "text": "Notes to table: 1 Excludes intercompany revenue. 2 2024E EBITDA margin per S&PCapIQ. 3 2023 GE CES figures =(5600 CES op profit + ~800 D&A) / 23,900 = ~27% EBITDA margin. 4 EBIT margin – FTAI's Aerospace Products reports minimal D&A allowing for this comparison.",
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      "text": "Adj. EBITDA margin: ~1,000bps",
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      "text": "FTAI's Aerospace Products EBITDA margins are inflated because hundreds of millions of cash costs are incurred by the Leasing segment rather than in Aerospace Products.",
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      "kind": "quote",
      "text": "The engineering modification and maintenance business acts as an internal MRO shop servicing Boeing and other aircraft needs. We estimate that this represents about 37.5% of total BGS revenue. — Sell side re Boeing Global Services",
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      "text": "Source: Company filings except as noted",
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      "text": "Adj.EBITDA Margins – FTAI vs Peers",
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      "text": "FTAI's Misleading Accounting Results in a ~1,000bps Margin Difference Between FTAI and Peers",
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